The Manufacturers Life Insurance Company lifted its stake in shares of United Bankshares, Inc. (NASDAQ:UBSI) by 203.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 431,371 shares of the financial services provider’s stock after buying an additional 289,350 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.41% of United Bankshares worth $16,909,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of the company. Swiss National Bank raised its position in United Bankshares by 22.3% in the 2nd quarter. Swiss National Bank now owns 164,582 shares of the financial services provider’s stock valued at $6,452,000 after purchasing an additional 30,001 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of United Bankshares by 23.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,358,100 shares of the financial services provider’s stock worth $53,238,000 after purchasing an additional 254,351 shares during the period. NTV Asset Management LLC grew its stake in shares of United Bankshares by 3.6% during the 2nd quarter. NTV Asset Management LLC now owns 69,506 shares of the financial services provider’s stock worth $2,725,000 after purchasing an additional 2,389 shares during the period. Bbva Compass Bancshares Inc. acquired a new position in shares of United Bankshares during the 2nd quarter worth $284,000. Finally, Citadel Advisors LLC grew its stake in shares of United Bankshares by 400.8% during the 2nd quarter. Citadel Advisors LLC now owns 273,383 shares of the financial services provider’s stock worth $10,717,000 after purchasing an additional 218,793 shares during the period. Institutional investors and hedge funds own 62.25% of the company’s stock.
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A number of research firms have recently weighed in on UBSI. Zacks Investment Research raised shares of United Bankshares from a “sell” rating to a “hold” rating in a research note on Thursday, September 28th. BidaskClub cut shares of United Bankshares from a “hold” rating to a “sell” rating in a research note on Saturday, July 8th. One research analyst has rated the stock with a sell rating and five have issued a hold rating to the company. United Bankshares has a consensus rating of “Hold” and an average price target of $42.50.
In other United Bankshares news, Director Peter A. Converse purchased 3,000 shares of the firm’s stock in a transaction dated Monday, August 14th. The shares were bought at an average price of $33.15 per share, for a total transaction of $99,450.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Gary G. White purchased 1,000 shares of the firm’s stock in a transaction dated Monday, September 11th. The stock was acquired at an average price of $33.33 per share, for a total transaction of $33,330.00. The disclosure for this purchase can be found here. In the last quarter, insiders bought 15,247 shares of company stock worth $510,526. Corporate insiders own 6.23% of the company’s stock.
Shares of United Bankshares, Inc. (NASDAQ UBSI) traded up 0.743% on Friday, hitting $37.275. 124,829 shares of the stock traded hands. The stock has a market cap of $3.91 billion, a price-to-earnings ratio of 19.944 and a beta of 1.07. The company’s 50 day moving average is $36.07 and its 200 day moving average is $37.27. United Bankshares, Inc. has a one year low of $31.70 and a one year high of $49.35.
United Bankshares (NASDAQ:UBSI) last released its quarterly earnings results on Thursday, October 26th. The financial services provider reported $0.54 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.55 by ($0.01). United Bankshares had a return on equity of 6.42% and a net margin of 25.20%. The firm had revenue of $188.51 million for the quarter, compared to analyst estimates of $193.87 million. During the same period in the previous year, the business posted $0.54 earnings per share. The business’s revenue for the quarter was up 44.9% on a year-over-year basis. On average, equities analysts forecast that United Bankshares, Inc. will post $1.92 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Friday, September 8th were paid a dividend of $0.33 per share. The ex-dividend date was Thursday, September 7th. This represents a $1.32 dividend on an annualized basis and a yield of 3.57%. United Bankshares’s dividend payout ratio (DPR) is presently 69.47%.
United Bankshares declared that its Board of Directors has initiated a stock buyback plan on Monday, August 28th that allows the company to repurchase 2,000,000 outstanding shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.
United Bankshares Profile
United Bankshares, Inc (United) is a bank holding company. The Company operates through community banking segment. United’s Banking Subsidiaries offer a range of commercial and retail banking services and products. United, through its subsidiaries, engages in community banking and offers banking products and services permitted by law and regulation.
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